Loading...
HomeMy WebLinkAbout14068J f ORDINANCE NO. 14,068 AN ORDINANCE AMENDING ORDINANCE NO. 13,528 OF THE CITY OF LITTLE ROCK, ARKANSAS ADOPTED NOVEMBER 7, 1978, AS AMENDED BY ORDINANCE NO. 13,838 ADOPTED JULY 1, 1980; EXPANDING THE AUTHORITY OF THE CITY OF LITTLE ROCK RESIDENTIAL HOUSING FACILITIES BOARD TO ISSUE REVENUE BONDS TO FINANCE MULTI - FAMILY DWELLING UNITS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas (the "City "), pursuant to the provisions of Act No. 142 of the Acts of the General. Assembly of the State of Arkansas for the year 1975, as amended (the "Act "), by Ordinance No. 13,528, adopted November 7, 1978 (hereinafter "Ordinance No. 13,528 "), established the City of Little Rock, Arkansas Residential Housing Facilities Board (the "Board "), for the purpose, among others, of assisting in the financing of residential housing facilities within or near the City; and WHEREAS, pursuant to said Ordinance No. 13,528 the Board on March 28, 1979 issued its Single Family Mortgage Revenue Bonds, 1979 Series A, in the amount of Seventy -Five Million Dollars ($75,000,000) in furtherance of the purposes for which the Board was created; and WHEREAS, on July 1, 1980 the City, by Ordinance No. 13,838, increased the authority of the Board to issue its revenue bonds to an aggregate amount outstanding of not to exceed Two Hundred Twenty -Five Million Dollars ($225,000,000); and WHEREAS, the providing of decent, safe and sanitary residential housing facilities for multiple family ( "multi- family ") dwelling units within or near the City will be aided by enlarging the scope of the Board's authority to issue revenue bonds to enable it to assist in the financing of multi- family residential rental housing facilities; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: Section 1. The Board of Directors of the City hereby finds and determines that there exists within and near the City a shortage of decent, safe and sanitary multi- family residential housing facilities available for rental to persons and families of low and moderate income, and the providing of additional financial assistance by the Board in order for there to be acquired, renovated or constructed such multi- family residential housing facilities is a proper public purpose as declared by the Act, and this determination of the Board of Directors of the City. Section 2. Section 6 of Ordinance No. 13,528, as amended by Ordinance No. 13,838, is hereby amended to read as follows: "Section 6. Programs. Notwithstanding any other provisions of this Ordinance, until further authorized by subsequent ordinance of the City the Board is authorized to engage only in one or more residential mortgage purchase programs for single - family residential housing, and in assisting in financing the acquisition, construction, development, redevelopment or renovation of multi - family residential 'housing facilities within the City or its territorial planning jurisdiction as provided by law. The term "single- family residential housing" as used herein means a specific work or improvement which provides dwelling accommodations consisting of not more than four units one of which must be occupied by the owner. The term "multi- family residential housing" as used herein means a specific work or improvement which provides dwelling accomodations, and ancillary facilities and amenities incidental thereto, consisting of at least five units one of which may but need not be occupied by the owner. The Board shall require that for a period of not less than 180 days from the time funds for such single family residential housing program are available for the purchase of mortgages all such funds be made available for qualified single - family residential housing facilities in the corporate limits of the City as now existing or as may hereafter be extended. The Board shall also require in any event that not less than eighty percent (80 %) of the value of all mortgages purchased in a -2- single family residential housing program shall be for qualified single family residential housing facilities in the corporate limits of the City, which facilities in any event must be within the territorial planning jurisdiction of the City as provided by law." Section 3. If any provisions of this Ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect the other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Section 4. All Ordinances of the City, or parts thereof, in conflict with this Ordinance are hereby repealed to the extent of such conflict. Section 5. It is hereby found and determined that there is an immediate and urgent need for the providing of decent, safe and sanitary multi - family residential rental housing facilities for persons of low and moderate income in or near the City and the providing of financial as.-istance to persons engaged in the acquisition, construction, development or renovation of such facilities, and that the amendments to Ordinance No. 13,528 and Ordinance No. 13,838, and the exercise by the Board of the increased authority, duties and powers provided in this Ordinance, are necessary to the preservation of the public peace, health and safety. Therefore, an emergency is declared to exist and this Ordinance shall be in full force an effect from and after its passage. PASSED: July 7 , 1981. ATTEST: City Cle - - -- (S E A L) -3- e` single family residential housing program shall be for qualified single family residential housing facilities in the corporate limits of the City, which facilities in any event must be within the territorial planning jurisdiction of the City as provided by law." Section 3. If any provisions of this Ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect the other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Section 4. All Ordinances of the City, or parts thereof, in conflict with this Ordinance are hereby repealed to the extent of such conflict. Section 5. It is hereby found and determined that there is an immediate and urgent need for the providing of decent, safe and sanitary multi - family residential rental housing facilities for persons of low and moderate income in or near the City and the providing of financial as.-istance to persons engaged in the acquisition, construction, development or renovation of such facilities, and that the amendments to Ordinance No. 13,528 and Ordinance No. 13,838, and the exercise by the Board of the increased authority, duties and powers provided in this Ordinance, are necessary to the preservation of the public peace, health and safety. Therefore, an emergency is declared to exist and this Ordinance shall be in full force an effect from and after its passage. PASSED: July 7 , 1981. ATTEST: City Cle - - -- (S E A L) -3-